WASHINGTON: U.S. exports will fall to $138.5 billion in fiscal year 2016 due largely to decreased shipments of soybeans and soymeal, the Agriculture Department said Thursday.
USDA said exports in fiscal year 2016 are forecast to decline from $139.5 billion in the government’s current year, which ends on Sept. 30. Despite the drop, U.S. exports for 2016 would be the fourth-highest on record, the government said.
“The strong pace of American agricultural exports continues,” Agriculture Secretary Tom Vilsack said. “Today’s forecast provides a snapshot of a rural America that continues to remain stable in the face of the worst animal disease outbreak in our nation’s history and while the western U.S. remains gripped by drought.”
USDA said soybean exports will fall $3.2 billion, to $18.1 billion, in fiscal year 2016, while corn exports will edge up by $100 million, to $8.7 billion. Iowa is the country’s top corn producer and second-largest soybean producer behind Illinois.
Exports of livestock, poultry, and dairy products are expected to be up $600 million as higher export volumes for a number of livestock products more than offset a decline in prices. Pork exports are expected to rise $300 million, to $5.1 billion. Shipments of poultry and poultry products, which were disrupted following the bird flu outbreak that hit Iowa and 14 other states earlier this year, are forecast at $5.3 billion, a decline of $100 million.
